EUR/USD: Sell The Rumor, Buy The Fact? Why US CPI May Trigger A Euro Rally

Euro/dollar has been trading in a range, as the four-hour chart shows. Momentum is marginal to the upside and the currency pair trades just above the 200 Simple Moving Average. The 50 SMA has crossed above the 100 SMA, a bullish sign.

Resistance awaits at April’s peak of 1.1920, followed by 1.1950, which was a high point in late March. Further above, 1.1990 and 1.2020 are watched.

Support is at 1.1860, the bottom of the current range, followed by 1.1820 and 1.1780, both stepping stones on the way up.

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